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In the same year, beginning Inventory is overstated by $1,700 and ending Inventory is understated by $740? Net income is understated by $960
What Are the Advantages of Inventory Management?
Running a successful goods business depends on precise inventory management. Regular stock tracking can assist prevent stock mistakes and other issues. The advantages of effective inventory management include the following: A more accurate inventory: When you have effective inventory management, you are aware of what is on hand and only order the quantity of goods required to satisfy demand. Reduced Risk of Overselling: Keeping track of what is in stock and what is backordered helps you avoid overselling products. Savings: Until it is sold, stock costs money. Carrying expenses include of labor wages, storage, handling, and transportation costs. Inventory can also be lost due to theft, calamities, or obsolescence. Avoiding Stock outs and Excess Stock: A business can reduce the number of days by improving planning and management.
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